AIC 301 Study Guide Exam
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a legally enforceable agreement between 2 or more parties -
Answer: contract
not all __________________ are legally binding contracts -
Answer: agreements
6 elements of a legally binding contract - Answer: 1) agreement
2) capacity
3) mutual assent
4) consideration
5) legal purpose
6) form required by law
party making a promise - Answer: promisor
,party to whom a promise is made - Answer: promisee
the relationship that exists between 2 parties to a contract -
Answer: privity of contract
a party cannot sue for breach of contract without being in
______________ of contract with the other party - Answer:
privity
a person who is not a party to a contract but who benefits from
it and has a legal right to enforce the contract if it is breached
by either of the contracting parties - Answer: third-party
beneficiary
the failure without legal excuse, to fulfill a contractual promise -
Answer: breach of contract
, must include an offer and its acceptance - Answer: agreement
party making the offer - Answer: offeror
party who makes a promise or acts in return for something
offered by another party - Answer: offeree
offers must include _____________ terms and be
communicated to and received by the offeree - Answer:
definite
if the offeree requests changes to conditions of the offer -
Answer: counteroffer
all parties must be ______________ _________________ for a
contract to be legally binding - Answer: mentally competent
Comprehensive Study Guide +
Exam Questions & Solutions
Graded A+
Professional Academic Assistance Services
Services Offered
• Proctored Exam Assistance
• Online Class Management (Full Course Support)
• Exam Preparation & Study Materials
• Assignments and Coursework Support
• Essay and Research Paper Writing
• Discussion Posts & Responses
• Editing and Proofreading
• Confidential Academic Consultation
Contact Information
Email:
WhatsApp link: https://wa.me/254704846336
Fast Response | Confidential | Reliable Academic
, Support
Helping Students Achieve Academic Excellence
a legally enforceable agreement between 2 or more parties -
Answer: contract
not all __________________ are legally binding contracts -
Answer: agreements
6 elements of a legally binding contract - Answer: 1) agreement
2) capacity
3) mutual assent
4) consideration
5) legal purpose
6) form required by law
party making a promise - Answer: promisor
,party to whom a promise is made - Answer: promisee
the relationship that exists between 2 parties to a contract -
Answer: privity of contract
a party cannot sue for breach of contract without being in
______________ of contract with the other party - Answer:
privity
a person who is not a party to a contract but who benefits from
it and has a legal right to enforce the contract if it is breached
by either of the contracting parties - Answer: third-party
beneficiary
the failure without legal excuse, to fulfill a contractual promise -
Answer: breach of contract
, must include an offer and its acceptance - Answer: agreement
party making the offer - Answer: offeror
party who makes a promise or acts in return for something
offered by another party - Answer: offeree
offers must include _____________ terms and be
communicated to and received by the offeree - Answer:
definite
if the offeree requests changes to conditions of the offer -
Answer: counteroffer
all parties must be ______________ _________________ for a
contract to be legally binding - Answer: mentally competent
